Massachusetts’ Debt and How Much You Are on the Hook For

Massachusetts residents are on the hook for more than $17,000 as their share of the Commonwealth's debt burden. The Pioneer Institute says when you add in the national debt, an estimated $35 billion, you owe a total of about $123,000.

Get to rolling those coins.

Statista.com says, "In the fiscal year of 2024, Massachusetts' state debt stood at about 81.83 billion U.S. dollars. Local government debt in the state was significantly lower in the same fiscal year, at about 26.27 billion U.S. dollars."

Springfield's WWLP-TV Channel 22 reported, "As of January 31, Massachusetts had $28.5 billion general obligation bonds outstanding.

Gov. Maura Healey is looking to borrow $8 billion more for transportation projects, $1.6 billion for housing, and $2.5 billion to "green up" the state's college campuses."

Statista.com says, "The state's debt equates to 16 percent of its GDP, and unfunded retirement obligations are a significant factor in the state's financial condition."

According to The Pioneer Institute, "When compared to other New England states, Massachusetts' debt is not out of line. While it does have the highest total liability ($120 billion) by far – Connecticut, which has the second largest liability, has $94 billion – the Commonwealth's liability as a percentage of GDP is close to the 15 percent average for New England."

Massachusetts has a 16 percent debt-to-GDP ratio "offset by a GDP five times greater than any other New England state except Connecticut."

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So what does Massachusetts spend money on?

The Urban Institute says, "Massachusetts' largest spending areas per capita were public welfare ($3,885), and elementary and secondary education ($2,775)."

Significantly less is spent each on higher education, health and hospitals, housing, highways and roads, police and corrections per capita.